Russian regional oil producer Tatneft said Tuesday that net profits fell by 61% year-onyear in the third quarter despite higher oil prices as the company suffered a large foreign exchange loss on the back of the ruble’s depreciation and crude export duties climbed (IOD Dec.17’10). Tatneft’s net income under US GAAP standards came in at just 5.625 billion rubles ($178 million) for July-September, compared with 14.51 billion rubles a year earlier, while revenues were up by 24% at 153.8 billion rubles. “Our net income grew mostly due to higher crude oil market prices, however it was affected by increased costs, mainly taxes other than income tax,” the Tatarstan-based company said in remarks accompanying its financial results for the first nine months.
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